When one Saudi prince decided to ditch his old turboprop and upgrade to his first jet, he called aviation consultant Ken Hoffman and presented him with the challenge: One business jet for $1 million.

That's not a lot of cash in a market where a new, unfurbished Boeing Business Jet goes for $57 million. But Hoffman managed to find a shiny, fully equipped Cessna Citation 501. It had simply changed hands a few times.

Private jets have long been the preferred ride of Americans with big bucks, but with the economies of India, Russia, and China smoking hot, the well-heeled here had to line up for corporate carriages. "For the last two years, well over 50 percent of all new corporate aircraft manufactured have been sold outside the U.S.," says Jay Duckson, president of aircraft broker Central Business Jets. "Prior to that, nearly 80 percent of all new aircraft were being delivered within the boundaries of North America. That's an enormous swing."

Even despite the recent market turmoil, demand remains incredibly strong—so much so that manufacturers like Cessna, Gulfstream, Bombardier, Dassault Falcon, and Hawker haven't been able to crank out planes fast enough. New private-airplane deliveries in 2001 hit a record 784 units; by 2007 that number reached 1,138. With business jets in such high demand, buyers haven't been able to get what they want when they want it—even if they're from the Saudi royal family.

"It depends on the model," says Doug Oliver, director of corporate communications for Cessna. "Our new CJ4 is sold out for the first five or six years. To get in line for another airplane will be at least a year's wait."

For a Citation, the wait is three to four years. Dan Holenger, sales associate and market analyst for Clay Lacy Aviation, a used-jet broker in Seattle, says, "Some people out there can't wait that long." One approach: tThey'll buy someone else's position in line for between $3 million and $8 million, depending on demand. "Foreign buyers see that premium as chump change," he says. "They are aggressive, and they will spend what they need to get an aircraft."

Or, like the anonymous prince—or maybe someone with deep pockets looking to be less indulgent—they will buy used. Airplanes, after all, don't wear out like cars; in fact, they hold their value relatively well. A brand-new Citation Excel, which carries seven to 10 passengers and has a 2,600-nautical-mile range, costs nearly $14 million, while a pre-owned Excel can sell for between $7 million and $9 million.

"Like a fiberglass boat," Duckson says, "the airframe itself generally doesn't wear out until 50 years or 30,000 flight hours, so it's not as if it's an automobile where in seven to 10 years you're on borrowed time."